Episode 304: It’s Not Hard
Richard Thaler, acclaimed American economist, professor of Behavioral Science and Economics at The University of Chicago Booth School of Business, and founding father of the “nudge” theory has been awarded the 2017 Nobel Prize in Economic Sciences. His research in behavioral science has not only defied traditional economic theory but has re-shaped public policy and influenced politicians world-wide. We conclude today that his theories can benefit the wealth management industry as well.
In this episode, we view client relationships from the perspective of behavioral economics and ask three key questions that will help you reevaluate your top clients. Thaler’s research provides a compelling case that today’s advisors must focus more time, energy, and effort into helping clients make sound decisions. By applying his models to the financial industry, we can advance our overall client relationships and the trajectory of our practices.
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Richard H. Thaler:
Webpage at the University of Chicago: http://faculty.chicagobooth.edu/richard.thaler/index.html